Sensex Remains Volatile; IT Stocks Drag

Wed, 15 Mar 01:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   Closing   

After opening the day on a cautious note, share markets in India have continued to remain range bound and are trading marginally below the dotted line. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and stocks in the realty sector leading the gains, while stocks in the IT sector are trading in red.

The BSE Sensex is trading down by 15 points (down 0.1%), and the NSE Nifty is trading up by 2 points (up 0.02%). Meanwhile, the BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 65.52 to the US$.

Glenmark Pharma's share price was in focus today as the drug major announced its Ankleshwar plant received US Food and Drug Administration (USFDA) clearance.

Glenmark Pharmaceuticals Ltd's active pharmaceutical ingredients (API) manufacturing plant at Ankleshwar in Gujarat, in which the USFDA had earlier observed certain violations of norms, has now been cleared by the US drug regulator.

The facility received an Establishment Inspection Report (EIR) on Tuesday. The EIR is issued by the USFDA only if it finds the facility to be deemed acceptable.

Glenmark sources APIs from Ankleshwar unit for many of its crucial formulations that are supplied to the US market and, therefore, the clearance for this plant is a positive development.

The USFDA had issued a Form 483 to Glenmark's Ankleshwar plant with four observations relating to violation of good manufacturing practices after the inspection of the facility in December 2016.

Form 483 relates to certain critical observations issued to a company at the end of an inspection if there were any violations of the Food Drug and Cosmetic Act and other related acts of the US Government.

Companies that receive its observations must respond in writing with a corrective action plan and implement it quickly. If the company does not meet the USFDA's expectations, a warning letter may be issued.

In a regulatory filing on 21 February, Glenmark had said it had responded to USFDA's observations for Ankleshwar plant, giving details of its corrective measures in January.

Glenmark Pharma's share price rose as much as 2% in intraday trade as market participants cheered the announcement.

Moving on to news about the economy. According to data released by the Central Statistics Office (CSO), retail inflation as measured by the Consumer Price Index (CPI) rose to 3.6% in February, snapping a four-month downtrend.

CPI inflation rose to a three-month high of 3.6% from 3.2% in January.

The inflation numbers were up on the back of expensive food and fuel items, even as manufacturing products saw a decline in inflation.

CPI Inflation at 3-month High

CPI Food inflation rose to 2% in February, up from just 0.6% in the previous month.

However, vegetable prices kept falling but the rate of decline came down in February as compared to January. The deflation stood at 8.3% in February against 15.6% in the previous month.

Pulses saw fall in retail prices at the rate of 9% in February against 6.6% in January.

Cereals and fruits turned expensive at a rising rate. Similarly, fuel items too witnessed a rise. Fuel inflation rose to 3.9% against 3.4% in the month gone by.

The data justified the Reserve Bank of India's caution on loose monetary stance amid expected increase in interest rates in the United States in the next few days.

In the February monetary policy review, the RBI paused on rates as it expects inflation to firm up due to the rapid pace of remonetisation. The likelihood of RBI cutting the policy rates in April remained subdued.

The next meeting of the monetary policy committee is scheduled for April 5-6.

Interest rate increases, in any form would lead to the end of easy money and create big trends that traders can profit from.

To capture these big trends, you need to have a solid trading system in place.

Since March 2015, Apurva Sheth, research analyst, has been helping subscribers beat the benchmark index by a huge margin and generate solid returns in just weeks with his short-term trading service, Swing Trader.

And now Apurva has launched a new trading service, Peak Profit Alert. He intends to capture the longer-term trends of the stocks based on his proprietary trading system, SCOREFAST^TM.

This SCOREFAST^TM system was built in-house by Apurva. It employs nine crucial indicators to identify trades that can generate double and triple-digit returns in a period of just a few weeks or months. Click here and know more about this service.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers